15 Updates

Russia wasted $4 bn in defence funds in 2012

Feb 7 2013, 12:51pm CST | by

Moscow, Feb 7 (IANS/RIA Novosti) Russia's budget watchdog has found nearly $4 billion was lost in financial violations in the country's defence spending for 2012.

Moscow, Feb 7 (IANS/RIA Novosti) Russia's budget watchdog has found nearly $4 billion was lost in financial violations in the country's defence spending for 2012. The Russian Audit Chamber identified...

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Update
15

21 minutes ago

Global Voices: The six personalities of Russia's Putin

Source: Los Angeles Times  |   May 23 2013, 6:14am CDT

At once aloof and ubiquitous, Putin has turned an inscrutable face to fellow Russians and to the outside world. He appears cold and calculating, indifferent to contrary opinions of political opponents at ho ...

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Update
14


Quote:
"weird and wonderful collection of personality-cult kitsch."


Source: Los Angeles Times

 
Update
12

26 minutes ago

Russia's commitment to new budget rule already in doubt

Source: Reuters Mobile  |   May 23 2013, 6:09am CDT

* Energy revenues raided to cap deficit * Russia to miss goal of balancing budget by 2015 * Government likely to raise spending as economy slows MOSCOW, May 23 (Reuters) - Just last year Russia's government reimposed a r ...

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Update
10

1 hour ago

Russian Police Raid Homes of Leftist Activists

Source: RIA Novosti  |   May 23 2013, 4:59am CDT

MOSCOW, May 23 (RIA Novosti) – Police carried out searches on Thursday at the homes of two members of Russia’s Left Front movement, which played a key role in last year’s mass protests against the rule of President Vladimir Putin. Police detained ...

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Update
9

2 hours ago

Russia concerned over Western approach on security issues

Source: SINA English  |   May 23 2013, 4:27am CDT

MOSCOW, May 23 (Xinhua) -- A Western approach on security issues undermines mutual trust, a high-ranking Russian official said Thursday. "The logic of unilateral steps still prevails, without taking into a ...

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Update
8

2 hours ago

First deputy PM begins visit to Russia

Source: B92  |   May 23 2013, 3:54am CDT

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Update
7

2 hours ago

Russia's Vozrozhdenie Q1 net profit down 36.7 pct y/y

Source: Reuters  |   May 23 2013, 3:43am CDT

MOSCOW May 23 (Reuters) - Vozrozhdenie, a mid-sized listed Russian bank, posted on Thursday a 36.7-percent decline in net profit for the first quarter of the year due to a rise in provisioning on bad loans. Voz ...

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Update
6

3 hours ago

Amnesty Paints Bleak Picture of Human Rights in Russia

Source: RIA Novosti  |   May 23 2013, 3:16am CDT

MOSCOW, May 23 (RIA Novosti) – The Russian authorities clamped down in 2012 on peaceful protests and freedom of expression, while using state media to smear its political opponents, Amnesty International said on Thursday in its annual human rights re ...

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Update
5

3 hours ago

Russia developing anti-terrorist robots

Source: Kurzweilai  |   May 23 2013, 3:02am CDT

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Update
4

4 hours ago

Russia's expulsion for spying smells of setup

Source: The Fort Wayne Journal Gazette  |   May 23 2013, 2:08am CDT

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Update
3

4 hours ago

US Offers Russia Closer Counter-Narcotics Cooperation

Source: RIA Novosti  |   May 23 2013, 1:36am CDT

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Update
2

7 hours ago

Obama discusses Syria with senior Russian official

Source: SINA English  |   May 22 2013, 11:26pm CDT

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Update
1

7 hours ago

Nikolic: New age of cooperation ahead of Serbia and Russia

Source: 1389 Blog  |   May 22 2013, 11:01pm CDT

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14 weeks ago

Russia wasted $4 bn in defence funds in 2012

Feb 7 2013, 12:51pm CST | by

Moscow, Feb 7 (IANS/RIA Novosti) Russia's budget watchdog has found nearly $4 billion was lost in financial violations in the country's defence spending for 2012.

Moscow, Feb 7 (IANS/RIA Novosti) Russia's budget watchdog has found nearly $4 billion was lost in financial violations in the country's defence spending for 2012.

The Russian Audit Chamber identified waste and misappropriation totalling almost 117.5 billion rubles -- just over $3.9 billion -- in the area of national defence, said Viktor Zavarzin, first deputy head of the State Duma's Defense Committee.

This was disclosed after a meeting attended by officials from the defence and finance ministries, the Prosecutor General's Office and other agencies.

The defence ministry has been plagued by corruption scandals over the past year.

Former minister Anatoly Serdyukov was sacked in November 2012 amid a $130 million fraud investigation into the sale of ministry property.

And last month, Russian police said they had uncovered the embezzlement of some $17 million by the country's Strategic Missile Forces dating back to 2008.

A significant portion of the 2012 violations, estimated at nearly 70.4 billion rubles (about $2.3 billion), had to do with over-spending on state contracts despite established thresholds, Zavarzin said.

He added that "unauthorised and ineffective expenditure of budget funds equalled, respectively, 10.6 million rubles and 23,173,000 rubles", and that 114 million rubles had been reimbursed to the government.

Defense Committee member Alexander Tarnayev blamed part of this misspending on outsourcing for services like food and laundry.

He suggested that one way to save money "when forming the federal budget for 2013 and the 2014-2015 planning period" would be to monitor state contracts more closely to ensure contractors and sub-contractors are not over-charging.

Tarnayev cited 2012 spending on food for servicemen as an example.

He said the difference between the total contracts signed by the defence ministry with the Voyentorg company, meant to provide this service, and the contracts signed by Voyentorg with its relevant sub-contractors may be as high as 672.7 million rubles, or over $22 million, based on the Audit Chamber's findings.

--IANS/RIA Novosti

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IANS

Source: IANS

 

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<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

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